S.3714 - Cliff Alleviation at Last Minute Act

A bill to alleviate the fiscal cliff, and for other purposes. view all titles (3)

All Bill Titles

  • Short: Cliff Alleviation at Last Minute Act as introduced.
  • Short: CALM Act as introduced.
  • Official: A bill to alleviate the fiscal cliff, and for other purposes. as introduced.

This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.

Bill’s Views

  • Today: 1
  • Past Seven Days: 2
  • All-Time: 575
 
Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
12/30/12
 
 
 
 
 
 
 

Sponsor

Senator

Joe Manchin

D-WV

No Co-Sponsors

Official Summary

Cliff Alleviation at Last Minute Act or the CALM Act - Amends the Internal Revenue Code to: (1) provide for a phased increase in income and capital gain tax rates beginning in 2013 through 2015, and (2) establish a permanent maximum estate tax rate of 45% and a unified estate and gift tax c

Official Summary

Cliff Alleviation at Last Minute Act or the CALM Act - Amends the Internal Revenue Code to:
(1) provide for a phased increase in income and capital gain tax rates beginning in 2013 through 2015, and
(2) establish a permanent maximum estate tax rate of 45% and a unified estate and gift tax credit of $3.5 million. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to authorize the Office of Management and Budget (OMB) to determine which defense and nondefense accounts will be reduced in FY2013-FY2021 to meet deficit reduction requirements and to report to Congress on its recommendations. Sets forth a congressional disapproval procedure for overriding OMB's recommendations. Amends title XVIII (Medicare) of the Social Security Act to require the Secretary of Health and Human Services to implement reforms under Medicare that result in reduced expenditures equal to $40 billion in each of FY2014-FY2023. Expresses the sense of the Senate that Congress should address comprehensive tax reform in the 113th Congress.

...Read the Rest


Latest Letters to Congress

See All Letters (1)
 


Vote on This Bill

-% Users Support Bill

0 in favor / 0 opposed
 

Send Your Senator a Letter

about this bill Support Oppose Tracking
Track with MyOC

Top-Rated Comments